Money Management tips for Teens
by Ebony Jackson August 9th, 2019
Edited by Charity Robertson
everyone wants to find a way to maximize their money. Here are a few tips that will give the potential to keep money in your pocket & enjoy yourself at the same time!
BUDGET! (The B word that everyone hates!)
Separate your spending money from your saving money. Give your money purpose! In our minds we would all like to save money but when your money is not separated; it all starts to look the same and becomes easier to spend.
2. show Me The Receipts! Keeping track of your purchases is key! I know everyone hates wasting paper but receipts are proof of what you are actually spending and not guesstimating. (and you can give it to your parents as physical proof to show you’re being responsible).
3. spend Smart! Share costs with friends/ siblings when possible. It can be sharing the cost of popcorn at the movies, doing meal specials at restaurants. (Such as 2 for $20)
work it!
do your housework! Use the summertime as an opportunity to do household chores that you usually don’t have time during the school year to do (or don’t like to do!) in exchange for cash. It’s a quick and easy way to make cash without leaving the comfort of your home!
2. Gigs on your terms! Find gigs such as babysitting, summer camps, or dog sitting that allows you to work on your own schedule and negotiate your own rates! (Just pray you don’t have to work with a child-like Angelica). Or if you want regular hours consider getting a job.
3. Avoid FOMO! (Fear of missing out). Summertime can get crazy very quickly! With the weather being nice and everyone being out of school events are going to be happening all of the time. Saying that realize that you are human, and you can’t do everything! Multiple things will be scheduled on the same day. Being able to schedule and prioritize properly what you want to do will keep you from being stressed. It’s okay not to go to everything and realize that we all need to REST at times. It’s not the end of the world if you are unable to do everything.
Use what you have!
Early Bird gets the worm! Try doing things earlier in the day. Places such as the movie theater often have discounts if you go before a certain time. Also, if you want to go out to eat try going during the day versus the evening. Many restaurants offer a lunch special which also can save you money. And if you want to make it extra fun try cooking with your friends for the ultimate brunch special. Plus, who doesn’t like to eat???!!
